UNAPPROVED BY BOARD
TOWN OF EAST HARTFORD
PENSION AND RETIREE BENEFIT BOARD
MINUTES
REGULAR MEETING
WEDNESDAY, JULY 22, 2009
The meeting was called to order by Joseph Carlson, Chairman at 5:45 P.M. in the Town Council Majority Room, East Hartford Town Hall. In addition to Mr. Carlson there were
PRESENT: Barbara-Ann Rossi, Member
Kurt Christensen, Member
Frank Vignati, Member
ABSENT: Michael Walsh, Finance Director
Scott Thompson, Member
ALSO PRESENT: Wayne Connors, 3D Asset Management
John O’Connor, 3D Asset Management
Christopher Kachmar, Fiduciary Investment Advisors, LLC
PUBLIC PARTICIPATION: None
ACCEPTANCE OF MINUTES
a. Acceptance of Minutes of Regular Meeting of June 24, 2009:
Motion by Mr. Christensen, seconded by Mr. Vignati to approve the Minutes of the Regular Meeting of June 24, 2009.
The Motion was voted; Motion was approved, with Ms. Rossi abstaining.
3. COMMUNICATIONS: None
4. OLD BUSINESS - None
5. NEW BUSINESS:
a. Retirements, Final Calculations, Withdrawal of Contributions:
1. Retirements:
a. Esther Chamberlain, BOE Para., eff. 6/30/09
b. Carla Yustinich, BOE Para., eff. 6/30/09
c. June Tavano, BOE Para, eff. 6/30/09
d. Dorothea Rodegher, BOE Para, eff. 6/30/09
e. Clifford Leonard, Police PLUS Option, eff. 5/23/09
f. Diane Mailloux, Park, Early Ret., eff. 6/10/09
Motion by Mr. Vignati, seconded by Mr. Christensen to approve as presented the retirements for
#a - 1. a. – f.
Motion was voted; Motion was unanimously approved.
2. Withdrawal of Contributions:
- Shawna Anderson-Martin, BOE Para eff. 2/25/09
- Edwin Soto, BOE Security, eff. 5/15/09
Motion by Mr. Christensen., seconded by Mr. Vignati to approve as presented the Withdrawal of Contributions for Shawna Anderson-Martin and Edwin Soto.
Motion was voted; Motion was unanimously approved.
6. REPORTS:
a. Pension:
1. Summary of Portfolio Asset – June 2009
2. Summary of Expenses – June 2009
This was accepted as information for the Board members.
3. Fiduciary Investment Advisors, LLC – June 30, 2009 Fixed Income Asset Allocation &
Performance Report
Mr. Kachmar reviewed the Asset Allocation and Performance Report for June 30, 2009. The Total Fixed Income is $42,572,446. Mr. Kachmar reported that the market is starting to move quickly and is doing very well. Mr. Kachmar is pleased with the various managers selected, in particular TCW and Loomis are up and performing strong. Mr. Kachmar recommends leaving DFA as is for another month to watch the market.
4. 3D Asset Management – Town of East Hartford Retirement Benefit Accounts - Equity
Component Monthly Review as of July 21, 2009.
Mr. O’Connor distributed the Equity Component Review as of July 21, 2009. This report is new and more up to date then previous reports. Mr. O’Connor asked the Board to review and make recommendations on the new format. Mr. O’Connor also reported that the market is doing well and the starting balance was $85,509,057 and with net flows the ending Portfolio balance was $90,173,250. The return was 14.04% since inception of 11/3/08. Discussion followed on the Asset Class and Asset Allocation. Board members weighted in on the new report and all were in favor of the up to date status of the funds. Chairman Carlson advised that he would still like to have a report that shows the quarter and end of fiscal year figures for reporting purposes. Brief discussion was
held on the Emerging Markets and the Real Estate Markets.
b. OPEB Trust:
1. Summary of Portfolio Assets – June 2009
2. Summary of Expenses – June 2009
This was accepted as information for the Board members.
3. FIA – Town of East Hartford OPEB Trust July 2009 - Fixed Income Allocation
Mr. Kachmar distributed the OPEB Trust July 2009 – Fixed Income Allocation Report for PIMCO and Vanguard managers. The Total Fixed Income is $957,697. Brief discussion followed.
4. 3D Asset Management – East Hartford OPEB - Equity Component 7/21/09 Report
Mr. Connors advised the Board that the investment for the OPEB account is up 6.24% since inception of June 22, 2009. Brief discussion followed.
7. APPROVAL OF DISBURSEMENTS:
a. Clerk for Pension & Ret. Benefit Board/July 22, 2009 meeting $ 100.00
b. The Segal Company, Inv. #118021 Quarterly (April - June 2009) 7,675.00
c. FIA, Inv. #3520902 Quarterly Fee 8,750.00
Motion by Mr. Vignati, seconded by Mr. Christensen to approve as presented for payment item # 7a, b & c.
The motion was voted; Motion was unanimously approved.
8. ADJOURNMENT:
There being no further business,
Motion by Ms. Rossi, seconded by Mr. Vignati to adjourn the regular meeting at 6:20 P.M.
The motion was voted; Motion was unanimously approved.
Respectfully submitted,
Janet Penney, Clerk
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